Key Points
- Transocean director Chad Deaton bought 35,000 shares on July 2 at an average price of $4.95 each, a purchase worth $173,250. The buy increased his stake by 17.29% to 237,421 shares.
- The company’s latest earnings were mixed: Transocean reported a small loss of $0.03 per share, missing estimates, but revenue of $1.08 billion beat expectations and rose 19.3% year over year.
- Wall Street remains cautious on the stock, with analysts assigning a consensus “Hold” rating and an average price target of $6.96. The shares were trading near $5.03, well below their 12-month high of $7.66.
Transocean Ltd. (NYSE:RIG - Get Free Report) Director Chad Deaton purchased 35,000 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The shares were acquired at an average price of $4.95 per share, with a total value of $173,250.00. Following the purchase, the director owned 237,421 shares in the company, valued at $1,175,233.95. This trade represents a 17.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Transocean Price Performance
Transocean stock opened at $5.03 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.54 and a quick ratio of 1.20. The business has a 50 day simple moving average of $6.06 and a 200-day simple moving average of $5.75. Transocean Ltd. has a 12 month low of $2.53 and a 12 month high of $7.66. The stock has a market capitalization of $5.61 billion, a PE ratio of -1.69 and a beta of 1.30.
Transocean (NYSE:RIG - Get Free Report) last released its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the firm posted ($0.10) EPS. The business's revenue for the quarter was up 19.3% on a year-over-year basis. Equities analysts predict that Transocean Ltd. will post 0.16 earnings per share for the current year.
Hedge Funds Weigh In On Transocean
Large investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC boosted its holdings in shares of Transocean by 12.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider's stock valued at $221,000 after purchasing an additional 7,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Transocean by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider's stock worth $1,376,000 after buying an additional 18,957 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Transocean by 88.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider's stock worth $38,521,000 after buying an additional 5,719,637 shares during the period. Cetera Investment Advisers boosted its holdings in Transocean by 5.7% in the second quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider's stock valued at $606,000 after acquiring an additional 12,532 shares during the last quarter. Finally, Invesco Ltd. grew its position in Transocean by 29.2% during the second quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider's stock valued at $2,675,000 after acquiring an additional 233,458 shares during the period. Hedge funds and other institutional investors own 67.73% of the company's stock.
Analyst Ratings Changes
Several analysts recently commented on the stock. Clarkson Capital cut shares of Transocean from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 19th. TD Cowen increased their target price on shares of Transocean from $5.50 to $6.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. Susquehanna lifted their price target on shares of Transocean from $7.50 to $8.00 and gave the company a "positive" rating in a research report on Tuesday, April 7th. Barclays raised Transocean from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $6.00 to $8.00 in a research note on Thursday, May 7th. Finally, Morgan Stanley raised their price objective on Transocean from $5.00 to $7.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 15th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $6.96.
Check Out Our Latest Report on Transocean
Transocean Company Profile
(
Get Free Report)
Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean's fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.
The company's core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.
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